DUBAI // Meraas Development yesterday unveiled Cityscape Dubai's centrepiece project, the Jumeirah Gardens, a Dh350 billion (US$98.2bn) development that will boast one of the world's tallest buildings comprised of three towers linked by sky bridges.
The project by the company, which is owned by the Dubai Government, is considered one of the biggest and most ambitious property developments ever to be launched anywhere - it is expected to be the size of a small city - and comes at a time when the rest of the world is grappling with a deepening credit crisis and falling stock markets.
More than 60,000 visitors from 150 countries flooded into the emirate's international exhibition centre at the beginning of the show, itself the largest of its kind on earth.
A cast of international celebrities including Michael Schumacher, the former Formula One champion, added a touch of glamour to the four-day spectacle, where more than 1,000 exhibitors revealed a series of architecturally extraordinary buildings.
The Meraas master development includes three buildings by Adrian Smith and Gordon Gill, the Chicago architects who were the masterminds behind the Burj Dubai, the world's tallest tower that will be completed by the end of next year.
But its highlight is the 1 Dubai building, which will rise 600 metres above the ground, and be comprised of three towers connected by sky bridges. The building would be about three quarters as high as the Burj Dubai, located on Sheikh Zayed Road, the emirate's main motorway.
"Dubai is always redefining itself," said Sina al Kazim, the chief executive of Meraas Development. "We are going to complement the other developers."
He said 1 Dubai would be Meraas's contribution to the architectural uniqueness of the city. The sheer scale of the project meant it would take 12 years to build.
The iconic buildings would be spread throughout the massive development, along with smaller towers and a park that is "half the size of [New York's] Central Park", Mr Kazim said.
The developers could not say precisely how many people the project would house, but it will include seven man-made islands to be built just off the coast for mostly low-rise, residential buildings.
A 14km boulevard with a tram system would snake through the project and water taxis would be available on a network of canals.
Meraas Development is part of Meraas Holding, a conglomerate that also has hospitality, investment and education arms.
Meraas was earlier considering even more dramatic plans for Jumeirah Gardens, including one architectural plan for a group of buildings that fused at the top and rose more than 2.4km.
Nakheel also debuted a new tall tower on Sunday, the 1km high Al Burj, which is planned for the Nakheel Harbour overlooking the Palm Jebel Ali and which would be the world's tallest when completed in 10 years.
Major property companies around the world have seen their projects stall due to a severe liquidity shortage, but Dubai developers were pushing on in the opposite direction yesterday announcing bigger, taller and more ambitious projects.
To put the total anticipated cost of the Jumeirah Gardens into a global context, the project is expected to cost almost $30bn more than the financial package put together by the German government to bail out Hypo Real Estate Holding, the country's second-largest mortgage provider.
Mohammed al Hashemi, the executive chairman of Dubai's Zabeel Investments, an investor in Sony Corp and aerospace company EADS, said his firm was close to completing a possible acquisition in Europe and would also launch a $1.5bn (Dh5.5bn) property project in Dubai in the coming months. Dubai's Deyaar also unveiled a new strategy to push its expansion plan forward, increasing its master developments here and abroad.
In another sign that UAE companies are looking to buy up distressed assets overseas, Markus Giebel, Deyaar's recently appointed chief executive, said: "There are a number of opportunities internationally because of the current market."
With a current land bank of 20 million square feet, Mr Giebel said Deyaar's 2009 strategic plan would include moving into countries such as Tunisia, Turkey and Saudi Arabia. It was also interested in distressed assets in the US. Tameer Holding announced it would develop the world's largest LED screen to be embedded on a commercial tower in the Majan district of Dubailand.
Named the Podium, the development would boast a 33-storey-high LED media façade that would be visible from a distance of 1.5km, the company said. The UAE-based luxury developer Zaya announced a community development geared towards children. The official launch of Makani, which means "My Place" in Arabic, is scheduled to take place in March.
Amlak Finance and Tamweel, the UAE's biggest mortgage lenders, which announced they would merge on Saturday, said in a joint statement that the partnership would give Dubai companies the necessary financial strength and scale to expand in local and regional markets as well as shelter them from the global credit crunch. Meanwhile, investors also shrugged off global credit concerns.
"The UAE has weathered a lot of storms," said Thabet Hashem al Qaissieh, an investment associate at Al Qudra Holding. "We'll get through this one, too. There is a lot of liquidity in the Gulf."
* The National
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Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
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FINAL SCORES
Fujairah 130 for 8 in 20 overs
(Sandy Sandeep 29, Hamdan Tahir 26 no, Umair Ali 2-15)
Sharjah 131 for 8 in 19.3 overs
(Kashif Daud 51, Umair Ali 20, Rohan Mustafa 2-17, Sabir Rao 2-26)
The specs
Engine: 2.0-litre 4-cylinder turbo
Power: 240hp at 5,500rpm
Torque: 390Nm at 3,000rpm
Transmission: eight-speed auto
Price: from Dh122,745
On sale: now
How to help
Call the hotline on 0502955999 or send "thenational" to the following numbers:
2289 - Dh10
2252 - Dh50
6025 - Dh20
6027 - Dh100
6026 - Dh200
Naga
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In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
POSSIBLE ENGLAND EURO 2020 SQUAD
Goalkeepers: Jordan Pickford, Nick Pope, Dean Henderson.
Defenders: Trent Alexander-Arnold, Kieran Trippier, Joe Gomez, John Stones, Harry Maguire, Tyrone Mings, Ben Chilwell, Fabian Delph.
Midfielders: Declan Rice, Harry Winks, Jordan Henderson, Ross Barkley, Mason Mount, Alex Oxlade-Chamberlain.
Forwards: Harry Kane, Raheem Sterling, Marcus Rashford, Jadon Sancho, Tammy Abraham, Callum Hudson-Odoi.
UAE currency: the story behind the money in your pockets
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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More from Neighbourhood Watch:
Timeline
1947
Ferrari’s road-car company is formed and its first badged car, the 125 S, rolls off the assembly line
1962
250 GTO is unveiled
1969
Fiat becomes a Ferrari shareholder, acquiring 50 per cent of the company
1972
The Fiorano circuit, Ferrari’s racetrack for development and testing, opens
1976
First automatic Ferrari, the 400 Automatic, is made
1987
F40 launched
1988
Enzo Ferrari dies; Fiat expands its stake in the company to 90 per cent
2002
The Enzo model is announced
2010
Ferrari World opens in Abu Dhabi
2011
First four-wheel drive Ferrari, the FF, is unveiled
2013
LaFerrari, the first Ferrari hybrid, arrives
2014
Fiat Chrysler announces the split of Ferrari from the parent company
2015
Ferrari launches on Wall Street
2017
812 Superfast unveiled; Ferrari celebrates its 70th anniversary
Rebel%20Moon%20-%20Part%20One%3A%20A%20Child%20of%20Fire
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The%20Woman%20King%20
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Company%20Profile
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Company%20Profile
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The specs
Engine: 2.0-litre turbo 4-cyl
Transmission: eight-speed auto
Power: 190bhp
Torque: 300Nm
Price: Dh169,900
On sale: now
Teachers' pay - what you need to know
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance
- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs
- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills
- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month
- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues